Granite Ridge Resources, Inc. ( (GRNT) ) has released its Q3 earnings. Here is a breakdown of the information Granite Ridge Resources, Inc. presented to its investors.
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Granite Ridge Resources, Inc. is a non-operated oil and gas exploration and production company with a diverse portfolio across several prolific basins in the United States, specializing in investing in high-graded wells drilled by other operators.
In their third-quarter 2024 earnings report, Granite Ridge Resources, Inc. highlighted strong operational and financial results, including significant production achievements and strategic acquisitions. The company also declared a quarterly cash dividend, showcasing its commitment to shareholder returns.
Key financial metrics include an average production of 25,177 barrels of oil equivalent per day and a net income of $9.1 million. The company generated $75.4 million in Adjusted EBITDAX and reported adjusted net income of $18.5 million. Additionally, Granite Ridge placed 93 new wells online and added 15.9 net future drilling locations through acquisitions, costing $30.9 million.
Despite a decrease in total production compared to the previous year, Granite Ridge maintained a strong liquidity position with $127.8 million at the end of the quarter. The company’s strategic focus on controlled capital is expected to enhance production capabilities in 2025, with promising developments in the Delaware and Midland Basins.
Looking ahead, Granite Ridge Resources remains focused on disciplined capital allocation and leveraging its strategic partnerships to drive shareholder value. The company plans to expand its asset base and continue generating sustainable cash flow for dividends and reinvestment in high-return projects.
